The terrible performers that you cite already hold very low weightings by virtue of their continuing poor performance. They impact the index less and less as they perform worse and worse. Only AIG still holds an appreciable weighting in the index and in that case the index is doing what it's designed to do, namely protect investors from a few stinkers through diversified holdings.

The terrible performers that you cite already hold very low weightings by virtue of their continuing poor performance. They impact the index less and less as they perform worse and worse. Only AIG still holds an appreciable weighting in the index and in that case the index is doing what it's designed to do, namely protect investors from a few stinkers through diversified holdings.

Im shocked about FNM and FRE versus the movements of financial stocks as well; its infuriating, everything I predicted is happening and im losing money! The other shocking thing is that commodities, especially gold, didn't head for the sky.

in terms of SKF heres what I found:

Ultrashort is simply the name; it indicates that it move at twice the inverse of the movement of the financial sector (or at least thats the idea).

from Fidelity:

Holdings: 13.09% of port.

13.06% in Djusfn Swaps (I assume this is a derivitave, I know nothing about it).

0.03% in Ultrashort Financials.

the rest is cash.

NAV is about $3 higher than closing price and market cap is about $3B.